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Kraken Robotics Reports Q1 2025 Financial Results and Reiterates 2025 Guidance
ST. JOHN'S, Newfoundland and Labrador, May 29, 2025 (GLOBE NEWSWIRE) -- Kraken Robotics Inc. (TSX...
About this update from Kraken Robotics Inc
[{"type":"text","content":"Kraken Robotics Reports Q1 2025 Financial Results and Reiterates 2025 Guidance\n\n\n\n ST. JOHN'S, Newfoundland and Labrador, May 29, 2025 (GLOBE NEWSWIRE) -- Kraken Robotics Inc. (TSX-V: PNG, OTCQB: KRKNF) (\"Kraken\" or the \"Company\"), announced it has filed its financial results for the quarter ended March 31, 2025 (“Q1 2025”). Please refer to the unaudited Consolidated Financial Statements and Management’s Discussion and Analysis (“\n \n MD&A\n \n ”) for quarter ended March 31, 2025, filed on\n \n www.sedarplus.ca\n \n for more information. Unless otherwise specified, all dollar amounts are denominated in Canadian dollars.\n \n\n\n\n Q1 2025 Financial Highlights\n \n\n\n\n\n Consolidated revenue in Q1 2025 decreased 23% to $16.1 million, compared to $20.9 in the prior year. The decrease was driven by a year-over-year decline in Product revenue.\n \n\n Product revenue in the quarter decreased 42% to $9.2 million, compared to $15.8 million in the prior year. While the quarter saw significant growth in our SeaPower™ subsea battery business, our sonar related revenue declined as the acquisition part of the Canadian Navy system integration project nears completion. As in the past, quarterly revenue can fluctuate significantly due to the timing of product orders and shipments.\n \n\n Service revenue in the quarter increased 38% to $7.0 million compared to the prior year due to the continued demand for Sub-Bottom Imager™ and Acoustic Corer™ services.  Just after the quarter ended, we completed the acquisition of subsea LiDAR services company, 3D at Depth. Combined with the recent introduction of our KATFISH subsea survey platform into the commercial offshore service market, we have a growing complement of solutions to offer our expanding Services customer base.\n \n\n Gross profit in the quarter increased 8% to $10.1 million, compared to $9.3 million in the prior year, implying a gross margin of 62.7% compared to 44.8%. Gross margin percentage was impacted by several one time items in the quarter. Future quarters are expected to be reflective of our historic gross profit margins.\n \n\n Adjusted EBITDA\n \n 1\n \n for the quarter decreased 32% to $2.8 million, compared to Adjusted EBITDA\n \n 1\n \n of $4.1 million in the comparable quarter, implying an adjusted EBI...